Mumbai-based InsurTech startup, Riskcovry, on Thursday said that it has closed its Pre-Series A round led by Bharat Inclusion Seed Fund, which also saw participation from Varanium Capital and Better Capital.
The startup has raised around ₹9.3 crore in this round, it said in a regulatory filing with Ministry of Corporate Affairs.
This round will help Riskcovry scale its product-market fit, and serve more enterprise customers across segments. The startup will also use the capital to build out its technology, product, data sciences, sales and growth teams.
Founded in 2018, by Suvendu Prusty, Sorabh Bhandari and Chiranth Patil, Riskcovry helps businesses with a large user base to enable insurance distribution for users, saving them the traditional overhead of building teams, technology and processes to provide the offering.
Providing an ‘insurance-in-a-box’ solution, companies can access Riskcovry’s API and SaaS technology to enable insurance as an offering, on their user platforms.
“We are super excited to be partnering with the Bharat Inclusion Seed Fund, Varanium Capital and Better Capital for our Pre-Series-A round. We embrace mutual thesis around intersecting inclusive insurance ecosystems with new-age technology tools and look forward to working with them closely as we accelerate into the next stage of our company’s evolution," said the founders of Riskcovry in a joint statement,
Currently, the startup caters to clients across - banking, fintech, e-commerce, HRTech, healthtech and supply chain companies.
“Riskcovry brings a fresh approach to digital distribution for the insurance market. Their API-first approach helps enterprise customers get access to highly relevant insurance products, through a completely digital process of underwriting, policy issuance, claim settlement and compliance. This extends the reach for insurance companies and provides downside protection to many end-users of enterprise customers at a very reasonable price point," said Saras Agarwal, principal at Bharat Inclusion Seed Fund.
In March, Riskcovry had partnered with health insurance company Religare to launch a group insurance product against covid-19.
Earlier this month, SaaS-based digital insurance platform, MetaMorphoSys Technologies, also raised undisclosed pre-Series A funding led by Good Capital.